Marushika Technology IPO Review | Full IPO Analysis, GMP & Allotment Status 2026
Latest Grey Market Premium & IPO Details
Marushika Technology IPO 2026 – Key Info & Highlights
Marushika Technology IPO opens on 12 February 2026. Explore DRHP highlights, key IPO details, live subscription, and quota-wise allocation to assess financials and investment potential. Track latest grey market trends.
📌 IPO Details
| Company Name | Marushika Technology IPO |
|---|---|
| Sector / Industry | IT Services & Technology Solutions |
| IPO Open Date | 12-02-2026 |
| IPO Close Date | 16-02-2026 |
| Allotment Date | 17-02-2026 |
| Refund Date | 18-02-2026 |
| Share Credit Date | 18-02-2026 |
| Listing Date | 19-02-2026 |
| Price Band | ₹111 - ₹117 |
| Lot Size | 1200 Shares |
| Min Investment | ₹2,80,800 |
| Total Issue Size | ₹26.97 Cr |
| Reserved for Market Maker | ₹1.36 Cr |
| Net Issue Size | ₹25.61 Cr |
| Fresh Issue | ₹25.61 Cr |
| IPO Listing At | NSE SME |
| DRHP | View DRHP |
| RHP | View RHP |
| Issue Type | Book Build Issue |
| Face Value | ₹10 Per Equity Share |
| Promoter Holding Pre IPO | 79.71 % |
| Promoter Holding Post IPO | 58.19% |
| Min Small HNI Lots | 3600 shares (3 lots) |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | 33.42% |
| QIB (Qualified Institutional Buyers) | 47.16% |
| HNI (High Net Worth Individuals) | 14.37% |
| Reserved for Market Maker | 5.05% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 19-02-2026 | ₹2.00 | - | ₹119.00 | ₹2400.00 | 19-02-2026 09:48 |
| 18-02-2026 | ₹2.00 | - | ₹119.00 | ₹2400.00 | 18-02-2026 23:20 |
| 17-02-2026 | ₹2.00 | - | ₹119.00 | ₹2400.00 | 17-02-2026 23:20 |
📝 About Marushika Technology
Marushika Technology Limited is a leading IT and telecom infrastructure solutions company in India, engaged in the distribution, implementation, and maintenance of enterprise-grade technology products. The company delivers end-to-end IT infrastructure solutions, covering system planning, design, supply, installation, commissioning, and long-term support services for corporate, government, and public sector clients.
The company offers a diversified portfolio of IT and digital infrastructure solutions, including data centre setup and management, active networking solutions, servers, telecom infrastructure, surveillance and security systems, cybersecurity solutions, power management, and IP-based technologies. In addition to infrastructure deployment, Marushika Technology provides IT consultancy services, annual maintenance contracts (AMC), and post-implementation support, ensuring smooth and uninterrupted business operations for its customers.
Marushika Technology Limited operates through multiple business verticals. Its IT & Telecom Infrastructure Solutions segment focuses on data centre IT infrastructure, enterprise servers, video wall display systems, power and backup solutions, and advanced networking products. The company also operates in Auto-Tech Solutions for Defence, offering repair and refurbishment services, reverse engineering, control panels, and specialized technical solutions. Furthermore, the company has expanded into Smart Technology Solutions, delivering access control systems, smart parking solutions, intelligent lighting, and waste management solutions aligned with India’s smart infrastructure initiatives.
The company primarily operates under Business-to-Business (B2B) and Business-to-Government (B2G) models. Over the years, Marushika Technology Limited has developed long-standing relationships with government and public sector organizations, including Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and the National Security Guard (NSG).
With a proven track record of executing more than 150 IT and telecom infrastructure projects, the company has demonstrated strong capabilities in handling large-scale and complex technology deployments. As of July 31, 2025, Marushika Technology Limited had an order book of ongoing projects worth approximately ₹2,835.42 lakh, highlighting sustained demand for its IT solutions and services.
Supported by an experienced management team, a qualified technical workforce, and strong OEM partnerships, Marushika Technology Limited continues to focus on delivering scalable, reliable, and technology-driven infrastructure solutions, contributing to India’s digital transformation and smart infrastructure ecosystem.
Marushika Technology Revised Financials
Company Financials (Restated Consolidated)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 62.68 | 53.94 | 48.37 |
| Total Income | 48.71 | 85.63 | 60.83 |
| Profit After Tax (PAT) | 3.14 | 6.29 | 3.14 |
| EBITDA | 5.64 | 10.47 | 5.67 |
| Net Worth | 18.51 | 15.37 | 8.45 |
| Reserves & Surplus | 12.28 | 9.14 | 7.58 |
| Total Borrowings | 18.92 | 21.37 | 19.64 |
Note: Financial information is based on restated consolidated financial statements as disclosed in the DRHP / RHP. All amounts are in ₹ Crore.
Marushika Technology Ltd – Objects of Issue
- ₹5.00 Crore – Repayment / Pre-payment of Borrowings
A portion of the net IPO proceeds will be utilised towards the repayment or pre-payment, in part or in full, of certain existing borrowings of the Company. This is expected to reduce interest costs and strengthen the Company’s financial position. - ₹14.68 Crore – Funding of Working Capital Requirements
The Company intends to use the proceeds to meet its incremental working capital needs, including funding of ongoing projects, operational expenses, inventory management, and timely servicing of receivables to support business growth. - General Corporate Purposes
The remaining proceeds will be applied towards general corporate purposes, which include supporting day-to-day business operations, administrative expenses, strategic initiatives, and other corporate requirements, in accordance with applicable regulations.
Marushika Technology Ltd – Competitive Strengths
- Wide and Diversified IT & Telecom Solutions Portfolio – The Company offers a broad range of IT services and telecom infrastructure solutions, enabling it to address diverse customer requirements across multiple applications.
- Established Relationships with OEMs – Marushika Technology has built strong working relationships with leading Original Equipment Manufacturers (OEMs), which supports efficient sourcing, solution integration, and timely project execution.
- Experienced and Qualified Management Team – The Company is led by an experienced management team with domain expertise in IT services, telecom infrastructure, and large-scale project implementation.
- Presence Across Multiple Industry Verticals – The Company serves customers across various industry verticals and has developed long-standing customer relationships, contributing to repeat business.
- Demonstrated Track Record of Financial Performance – The Company has reported consistent growth in revenue and profitability over recent financial years, as disclosed in the RHP.
Marushika Technology Ltd – Risk Factors
- High Working Capital Intensity – The Company’s operations are working capital intensive due to the nature of IT and telecom infrastructure projects and the time gap between execution and receipt of payments. Any mismatch in cash flows may affect business operations.
- Dependence on Limited Number of Customers – A significant portion of the Company’s revenue is derived from a limited number of customers. Any reduction, delay, or loss of business from such customers could impact revenue and profitability.
- Reliance on Original Equipment Manufacturers (OEMs) – The Company depends on OEMs for supply of products and technology solutions. Any disruption in supply arrangements, pricing terms, or availability may adversely affect project execution.
- Project-Based Business Risks – The Company’s business involves execution of project-based contracts, which are subject to risks such as delays, variations in scope of work, cost escalations, and performance obligations.
- Outstanding Borrowings – The Company has outstanding borrowings, and its ability to service such debt depends on cash flows generated from operations. Any adverse impact on cash flows may affect debt servicing capability.
- Competitive Nature of the Industry – The IT services and telecom infrastructure sector is highly competitive. Increased competition may result in pricing pressure, reduced margins, or loss of market share.
Marushika Technology Ltd
IT & Telecom Infrastructure Solutions Provider | NSE SME IPO
| Founded in: | 2010 |
|---|---|
| MD / CEO: | Ms. Monicca Agarwaal |
| Address: | Shop No. 5, Acharya Niketan Mayur Vihar, Phase-I East Delhi, Delhi PIN Code: 110091 |
| Website: | www.marushikatechnology.com |
| Phone: | +91-0120-4290383 |
| Email: | info@marushikatechnology.com |
| Services: | IT & Telecom Infrastructure Solutions, Data Center Setup, Networking Solutions, Surveillance & Security Systems, Cybersecurity Solutions, Smart Access Control, Smart Lighting & Automation Solutions |
IPO Quick Info
12 Feb 2026
16 Feb 2026
Upcoming
Lead Manager(s)
- NEXGEN Financial Solutions Pvt. Ltd
Frequently Asked Questions
Marushika Technology Limited is an integrated IT and telecom infrastructure solutions company in India. It provides end-to-end services including system design, supply, installation, commissioning, and maintenance for enterprise and government clients.